Hail to Gov't Efforts

The argument surrounding the iffy policy of preferential interest rate to be enjoyed by government retirees seems to mercifully come to a close, after the government announced to reduce the upceiling for their bank deposits. So, are you ready for a brighter future?

We should hail its firming stance to trim the level, undercutting national expense by a comfortable NTD30 million from an aggregate NTD4 billion increment arising from the proposed upward rate revision. In essence, it’s absolutely not bad news to those beneficiaries, as it’s better than a cancellation. This lowering will help the government, as it wishes, avoid a ferocious public backlash, and also mend the social rips between the civil servants and the general public. However, debate continues to rage in full forces on TV political talk shows, with some calling for a fair treatment which may not materialize soon.

It had been a remote memory to see a humming economy in Taiwan . The country once glittered with decades of inreasing personal income, making it one of the best examples among emerging countries. I was proud, when I attended a seminar in New York city years ago. A teacher praised Taiwan ’s remarkable enonomic growth, with foreign exchange reserves jumping ahead of the pack. Such an outperformance was printed in many university textbooks. I felt quite happy and pleased as being a Taiwanese when roaming around NYC streets.

If history can repeat itself, and Formosa can recoup what it lost these past 10 years, some can be eligible for that 18% rate without any doubt. But things remain uncertain, reflected by the fact that more big-name listed companies, such as TSMC and AUO, have planned to shift their production lines, albeit not completely, toward our neighboring friendly country. China has soaked away lots of cash from Taiwan, with no sign of a reversal. Chinese tourists did fly to the island in droves, boding well for an economic recovery as stated by the government which however fails to induce China ’s capital to establish factories here.

For the blue-collar workers, it’s sad to say it's their own matters for suffering a shrinking income while coping with a further rising inflation. It appears that there’s no compromise at present between civil servants and the public, a phenomenon resembling a long-standing tug-of-war between KMT and DPP. The government can look past the poll suggesting most refuse to swallow the new bill, but can’t shrug off labor woes and outcry of the poor. Taiwan is currently licking its wounds, either political or economical, given that there's still no light at the end of tunnel.